Carvana is laying off about 1,500 people, or 8% of its workforce, following a freefall in the company's stock this year and concerns around its long-term trajectory, according to an internal message first obtained by CNBC's Scott Wapner. The email from Carvana CEO Ernie Garcia, titled "Today is a hard day," cites economic headwinds including higher financing costs and delayed car purchasing. The world around us has continued to get tougher and to do what is best for the business, we have to make some painful choices to adapt," Garcia wrote in the email. For Carvana, it also follows rapid growth but some missteps during the coronavirus pandemic to better capitalize on an unprecedently strong used-vehicle market during the coronavirus pandemic. Shares of Carvana have plummeted by about 97% this year after reaching an all-time intraday high of $376.83 per share on Aug. 10, 2021.

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